UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 6, 2022

CC NEUBERGER PRINCIPAL HOLDINGS I

(now known as E2open Parent Holdings, Inc.)

(Exact name of registrant as specified in its charter)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 4.02 Non-Reliance on Previously Issued Financial Statements or Related Audit Report or Completed Interim Report.

On February 4, 2021, CC Neuberger Principal Holdings I’s (CCNB1) domesticated into a Delaware corporation and changed its name to “E2open Parent Holdings, Inc.” (the “Company”) and consummated the acquisition of certain equity interests of E2open Holdings, LLC (“E2open”) as a result of a series of mergers pursuant to a Business Combination Agreement, dated as of October 14, 2020 (“Business Combination”).

As a result of changes to industry practice and new consensus in the accounting profession, the Company has re-evaluated CCNB1’s application of ASC 480, Distinguishing Liabilities from Equities paragraph 10-S99, to its accounting classification of the redeemable Class A common stock, par value $0.0001 per share, issued as part of the units sold in CCNB1’s initial public offering on April 28, 2020. In accordance with ASC 480 10-S99, redemption provisions not solely within the control of the Company require shares subject to redemption to be classified outside of permanent equity. CCNB1 had previously classified a portion of its Class A common stock in permanent equity, or total stockholders’ equity. Although CCNB1 did not specify a maximum redemption threshold, its charter provided that it would not redeem its Class A common stock in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, CCNB1 did not consider redeemable stock classified as temporary equity as part of net tangible assets to include both permanent equity and redeemable equity. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, CCNB1 revised its earnings per share calculation to allocate income and losses pro rata between the two classes of shares. This presentation contemplates a business combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of CCNB1. As a result, the Company will restate CCNB1’s previously filed financial statements to present all redeemable Class A ordinary shares as temporary equity and to recognize a remeasurement adjustment from the initial book value to redemption value at the time of its initial public offering (“IPO”).

On April 6, 2022, the Company’s management and the Audit Committee of the Company’s board of directors concluded that CCNB1's previously issued audited financial statements included in the Form 10-K for the fiscal year ended December 31, 2020 (“2020 Form 10-K”), filed with the U.S. Securities and Exchange Commission on May 5, 2021 and restated unaudited interim financial statements included in the 2020 Form 10-K as of June 30, 2020 and September 30, 2020 and for the (1) three months ended June 30, 2020, (2) period from January 14, 2020 (inception) through June 30, 2020, (3) three months ended September 30, 2020 and (4) period from January 14, 2020 (inception) through September 30, 2020 and (collectively, the “Affected Periods”), should be restated to report all Class A ordinary shares as temporary equity and should no longer be relied upon. As such, the Company will restate CCNB1's financial statements for the Affected Periods and amend its Form 10-K.

The restatement does not have an impact on CCNB1's cash position and cash held in the trust account established in connection with the IPO.

The restatement does not impact the continuing operations of the Company as the redeemable equity was eliminated as part of the Business Combination.

The Company’s management has concluded that a material weakness exists in CCNB1's internal control over financial reporting prior to the Business Combination and disclosure controls and procedures were not effective.

The Company’s management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with WithumSmith+Brown, PC, CCNB1’s independent registered public accounting firm prior to the Business Combination.

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SIGNATURE

Pursuant to the Requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

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